Deloitte & Touche, the accountancy group, is set to pay $149m (€115.2m) to settle a lawsuit brought by Italian dairy group Parmalat over the company's collapse from an accounting black hole in 2003.

The groups released a joint statement on Friday which said they had resolved all litigation related to accusations of the accountancy company's involvement in Parmalat's bankruptcy.

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Deloitte settles with Parmalat

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